Capital Gains and Losses

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Capital Gains and Losses

Bought my home in 1979 ,000 would like to sell it ,00 what

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bought my home in 1979...
bought my home in 1979 for 119,000 would like to sell it for 850,00 what capital gains will i have to pay
Submitted: 2 years ago.Category: Capital Gains and Losses
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Answered in 59 minutes by:
11/14/2015
Tax Expert: CGassist.168, Accountant replied 2 years ago
CGassist.168
CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 3,858
Experience: Tax Accountant
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An approximate $731,000 gain without the exclusion. If you meet all of the requirements, you will be able to exclude either $250,000, if filing single or $500,000 if filing jointly and both you and the spouse meet the requirements. Either 15 or 20% capital gains tax, depending upon certain factors. Those factors are as follows;

Cost of qualified improvements, which is added to the cost basis;

Qualifications to exclude a portion of the sales price.

You likely qualify for the sale exclusion. To be sure, refer to the IRS Pub 523 for more details.

Link to IRS Pub 523:

https://www.irs.gov/pub/irs-pdf/p523.pdf

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Let me know if I can be of further assistance to you regarding this matter.

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